Wheeler Real Estate Investment Trust Announces A 1-For-3 Reverse Stock Split Of The Common Stock, To Be Effective September 19, 2024
Portfolio Pulse from Benzinga Newsdesk
Wheeler Real Estate Investment Trust (WHLR) announced a 1-for-3 reverse stock split effective September 19, 2024. This will adjust the trading of common stock, convertible notes, preferred stock, and incentive plans accordingly.
September 17, 2024 | 8:08 pm
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Wheeler Real Estate Investment Trust is implementing a 1-for-3 reverse stock split effective September 19, 2024. This will affect the trading of its common stock, convertible notes, preferred stock, and incentive plans.
The reverse stock split will consolidate shares, potentially stabilizing or increasing the stock price by reducing the number of shares outstanding. However, it does not change the fundamental value of the company. The adjustments to convertible notes and preferred stock conversion rates are mechanical and maintain proportionality. The impact on incentive plans is also proportional, ensuring no change in the value of awards. Overall, the split is a technical adjustment with neutral short-term impact on stock price.
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